Much of Xiaomi’s success can be traced back to its founder, who nearly gave up on entrepreneurship after several bruising battles. In just a decade, Xiaomi became the 3rd-largest global smartphone seller. For context, Apple is 46 years old, and Samsung is 84.
Lei Jun – Life History
Lei Jun is a Chinese entrepreneur and the founder of Xiaomi, a multinational electronics company headquartered in Beijing, China. Here is a brief overview of Lei Jun’s life history:
- Lei Jun was born on December 16, 1969, in Xiantao, Hubei, China.
- He graduated from Wuhan University in 1991 with a degree in Computer Science.
- Lei Jun began his career as an engineer at Kingsoft, a software company based in Beijing.
- In 1998, he co-founded Joyo.com, an online bookstore that was later sold to Amazon in 2004 for $75 million.
- After Joyo.com, Lei Jun went on to co-found several other successful companies, including UCWeb, a mobile internet software and services provider, and YY Inc., a social media platform.
- In 2010, Lei Jun founded Xiaomi, which quickly became one of the largest smartphone manufacturers in China.
- Under Lei Jun’s leadership, Xiaomi has expanded its product lineup to include a range of consumer electronics, including smart home devices, wearables, and accessories.
- Lei Jun is known for his leadership style, which emphasizes innovation, user experience, and cost efficiency.
- He has been recognized for his contributions to the technology industry with numerous awards and accolades, including being named one of the world’s most powerful people by Forbes.
- As of 2021, Lei Jun’s net worth is estimated to be around $18.5 billion, making him one of the richest people in China.
Lei Jun – Failures
Lei Jun is known for his success in the tech industry, particularly as the founder of Xiaomi, but he has also experienced failures along the way. Here are some notable instances of Lei Jun’s failures:
- Kingsoft’s Online Gaming Venture: In the early 2000s, Lei Jun led Kingsoft’s online gaming venture, which failed to gain traction in the market. The company ultimately had to shut down the venture.
- LePhone: In 2011, Lei Jun launched LePhone, a smartphone brand that was meant to compete with Xiaomi. However, LePhone failed to gain significant market share and was eventually merged into Lenovo’s mobile division.
- Xiaomi’s Expansion into Other Markets: In 2014, Xiaomi announced plans to expand into several new markets, including Brazil, India, and Russia. However, the company struggled to gain a foothold in these markets and was forced to scale back its operations.
- Xiaomi’s IPO: In 2018, Xiaomi went public in Hong Kong in what was expected to be one of the biggest tech IPOs of the year. However, the company’s share price slumped in the months following the IPO, leading some to question whether the company was overvalued.
Despite these failures, Lei Jun has maintained a reputation as a successful entrepreneur due to his resilience and ability to learn from his mistakes.
Lei Jun – An Inspiration
As a young CEO at Kingsoft, aka the Chinese Microsoft, he failed to create a successful product.
But they were all stepping stones.
At the age of 40, Xiaomi was his last bet.
Getting early access to computers transformed his life, and it helped him escape the outside world.
During his summer vacation in 1989, Lei wrote his first commercial software – BITLOK, which later sold for 1Mn Yuan.
Lei met Qui Bojun, the founder of Kingsoft. At 23, he joined Kingsoft as R&D Head.
In 6 years, he became Kingsoft’s CEO.
Software piracy was bleeding cash at Kingsoft. Despite diversifying its products into gaming or antivirus software, Lei’s efforts did not pay off.
He ultimately stepped down in 2007 after helping file Kingsoft’s IPO.
There was a bright spot from this tenure. In 99′, backed by Kingsoft, Lei launched Joyo, an e-commerce site selling mainly books and software.
He gained first-hand experience in e-commerce, slowly familiarizing himself with the nitty-gritty of handling huge online demands.
Joyo’s rise soon caught the attention of the American e-commerce giant Amazon. For Bezos, the CEO, it was the key to help Amazon unlock the Chinese market.
In 2004, Amazon acquired Joyo for $75 million. Major shareholders, including Kingsoft, Lenovo, and Tiger Management, cashed out.
He devoted his energy to angel investments but had also been grappling with the idea of the internet for some time. Lei began to invest money in internet firms.
He helped many start-ups get on their feet, creating an ecosystem that fostered growth in the field of e-commerce and the mobile internet.
Lei was restless after Kingsoft, despite being a successful investor. He still wanted to build a company large enough and successful enough to match his outsized ambition.
So in 2010, Lei founded Xiaomi Corporation. By then, he had become a veteran.
Xiaomi started at a time when China’s domestic mobile phone industry was booming, it had a unique edge!
Lei’s years at Kingsoft had taught him the virtues of customer feedback. In Kingsoft’s R&D department, he was always surrounded by engineers. With no marketing department, the job of answering customer calls fell on Lei.
That rigour drives weekly OS updates to users today!
Over time, Lei convinced the best minds in each field to join him at Xiaomi.
Lei gave his team a promise of succeeding in 4 years, after which they could depart if they failed.
Xiaomi became Lei’s dark horse, exceeding everyone’s expectations and becoming a household brand.